By Julie Wilson, Chartered Financial Planner at PenLife Associates
Humans are adaptable. The current pandemic is proving that every day. So what makes us so adaptable? Simply, we always find ways to solve the problems we’re faced with.
If we don’t have enough space, we build more. If we don’t have enough equipment, we produce more. Not enough people to help, source more. And there’s a commonality behind most complex problems – enlisting the right people for the right jobs. If we scale down the above scenarios from a global pandemic to common problems, you’ll still see the same trend. You want an extension, find a Builder. You want to sell your house, find an Estate Agent. You want to organise your retirement, find a Financial Adviser.
We’ve heard every excuse. “I think I can manage on my own”. “I don’t want to pay the fees”. “I don’t trust Financial Advisers”. “It’s just not the right time”.
So, as fellow humans running a business, we’re adaptable and we’re problem solvers. So here’s a counter to each excuse we’ve heard a thousand times.
1. You think you can handle your money on your own. In some circumstances, we agree. If you have a few thousand, looking to invest in the market – if you do your research and have some understanding of investments and tax, you’d probably do ok. That’s not what we do. We help our clients take advantage of tax incentives and navigate through potential tax traps. Nearly everyone gets this wrong. And it can end up costing you and your family thousands in wasted tax and lost opportunity.
2. You don’t want to pay the fees (this one is the simplest!). We help our clients and their families make the most of the money and avoid tax bills. The value of this can range from the £tens of thousands, past the £hundreds of thousands, sometimes into the £millions. If you’re against paying a couple thousand in fees for all that value, that’s your prerogative. But, really?
3. You don’t trust Financial Planners? We’re familiar with the stereotypes. Back in the day, a few dodgy one-man bands made a terrible name for the whole profession. There’s way more regulation these days. Just make sure you do your research first. The internet has made investigating IFA’s the easiest thing in the world. Specifically for Financial Advisers, you can search ‘VouchedFor’. Look out for Google Reviews and testimonials too. Additional external accreditations such as Chartered status and the British Kite are also marks of the highest levels of professionalism and client care.
4. It’s not the right time? Usually when people think that, it turns out to be the best time… No, we’re being serious. We had a lot people come to us asking for advice who wanted to wait until after Brexit…. They were waiting years. In terms of IHT, some plans take two years, others seven years to become fully effective . If they had died in that time, there’s nothing anyone can do to ensure their wealth was passed down to their kids. You can’t turn the clock back. And in terms of getting into investments at the right time – it’s just impossible. It’s ‘time in’ not ‘timing’ that matters.
5. Bonus: You already have a Financial Adviser. Many financial advisers are now leaving the profession. Increasingly onerous qualifications and technical knowledge are needed to advise properly in an arena which is getting more and more complex. This, together with costs rising at an alarming rate, means that fewer and fewer advisers are willing or able to keep up. Those with the technical knowledge and relevant qualification to advise on Inheritance Tax or complex pension transfers are few and far between.
So, with all that in mind. Are you wanting to stick with your excuses, or twist? If you’re the latter, here are your options (each is FREE for all you Yorkshire folk!):
A) Do some digging! Research Financial Advisers with strong reviews, Chartered Status and the British Kite Mark. Really, you really want all three. Then get in touch. Most will be happy to have an initial chat at their expense.
B) Request our guide below by sending the form in, emailing us at firstname.lastname@example.org or you can simply request it through our website.
C) Just give us a ring direct on 01904 829713. It’s the easiest and quickest way to see if we can be of value to you.
Whatever you do, don’t ever ignore your problems. Especially in finance, because they don’t go away on their own. Which means you and your family are at risk.
More information about PenLife Associates here…